Motilal Oswal initiates Buy on Solar Industries with 24% upside target

Motilal Oswal has initiated coverage on Solar Industries with a Buy rating and a target price of Rs 23,000, implying 24% upside from current levels. The brokerage cites strong growth prospects across the company's explosives and defence divisions as key drivers.

Motilal Oswal projects revenue and profit to grow at a compound annual growth rate of 43% and 34%, respectively, through FY30. The outlook is underpinned by expanding opportunities in both business segments.